Payroll salaries rise as employers embrace hybrid working
Salaries for payroll jobs have surged by up to +15%, according to latest figures released today by Portfolio Payroll: Portfolio Payroll Salary Survey 2022
This is double that recorded in 2019, as an unprecedented demand for talent continues to rise, with increased competition, talent shortages and ‘key worker’ status raising the profile of the payroll sector.
Anthony Macey, Director at Portfolio Payroll, says: “At the junior end of the market, salaries have climbed by 7-10%, however we’re looking at some roles and regions showing an increase of up to 15% at the senior end of the market.”
Salary growth has been recorded across the whole of the UK, reducing the disparity of salaries between regions. Continued investment in the North and Northwest has resulted in all levels of the market expecting competitive and comprehensive remuneration packages.
As businesses compete for international experts for their UK offices, interim payroll salaries are at a premium with day rates soaring. There is an urgent need within the industry for formal learning and progression opportunities to upskill senior payroll professionals and meet this demand.
Portfolio Payroll’s 2022 Payroll Survey also reveals a decline in salary satisfaction across the sector with 9% less than the 2019 survey rating their salary as satisfactory.
Nearly one in three (28%) of those who responded dissatisfied/very dissatisfied with their salary are looking to leave their current employer immediately/within 3-months.
Benefits & Hybrid working
The pandemic has heavily influenced the payroll sector as businesses relied on temporary remote workers and invested in paperless, electronic payroll processes.
Only 15% of respondents expect to be 100% office-based moving forward, and hybrid working is the most requested feature of an employment package, with 91% of respondents now having access to a company laptop.
In a candidate-driven market, remote working is not only more accepted by employers, but it is being also being embraced.
Danny Done, MD at Portfolio, says “Remote working opens up the opportunity to hire from a national talent pool while the time to hire decreases significantly thanks to advancements in video interviewing. Portfolio Payroll actively promotes remote workers, particularly for short-term temporary needs. Benefits packages continue to play a significant part in the evaluation of a new job offer. With many executive-level professionals conscious of wellbeing perks achieved during lockdowns, many candidates are demanding hybrid working schedules.”
15% of payroll professionals said their roles became more complex during the pandemic, so it’s positive new that we’ve seen a 5% increase in the inclusion of paid training courses/qualifications in benefit packages.
Payroll recruitment market
Recruitment is strong with 64% of businesses reporting that they continued to hire during the pandemic. 54% recruited within 3 months and 38% are expecting to hire within the next 3 months.
Anthony Macey says: “The recruitment outlook is overwhelmingly positive for the sector as a whole, with rising vacancy numbers in-line with economic recovery and job growth nationwide. Payroll is fast becoming an enticing career, with demand for interim talent at a premium across all levels. This has given candidates extraordinary leverage when negotiating rates”
Portfolio recommends that clients benchmark existing salaries and review remuneration packages in anticipation of an ambitious market.
This year’s survey highlights a host of positive developments for the payroll industry with silver-linings coming out of a globally dark period from investment and rapid progress to a new-found respect and recognition for the payroll profession.